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RBI stand: No special dispensation for stressed power units

The Reserve Bank of India is understood to have told the Allahabad High Court that it is not possible to relax its February 12 circular mandating one-day default trigger for resolution of stressed assets, exclusively for the power projects. Reiterating its earlier stance, lawyers representing the banking regulator argued on Thursday that the Insolvency and Bankruptcy Code, in its current form, already covers all eventualities and if the government feels it should use its power and issue directions directly to the RBI, sources aware of the development said. The RBI will submit its written submission to the court on Friday.The said RBI circular requires banks to finalise a resolution plan in case of a default on large accounts of Rs 2,000 cro.....

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